Eurozone on the road to growth as service sector picks up pace
THE EUROZONE’S dominant service sector is expanding at its fastest rate since July, new survey data shows.
The service sector purchasing managers’ index (PMI) published yesterday by Markit climbed to a score of 53.7 for February from January’s 52.7. A score above 50 implies growth, with higher numbers marking faster growth. France’s PMI jumped to a 42-month high, hitting 53.4 after January’s 49.4. France has been struggling to reform its economy. Economy minister Emmanuel Macron recently had to use an archaic French law to push through reforms without parliamentary approval.
Spain’s service sector had been the fastest growing of the big four Eurozone economies – Germany, France, Spain and Italy. But its PMI came in at 56.2, down from 56.7. Spain is set for a shake-up with anti-austerity party Podemos leading polls before elections due this year.